Porsche 2010 Annual Report Download - page 22
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Corporate governance report
Responsible, transparent and efficient corpo-
rate governance is an integral part of Porsche’s
corporate culture.
Declaration of compliance required by
Sec. 289a German Commercial Code (HGB)
You can find the declaration of compliance
required by Sec. 289a German Commercial Code
(HGB) on our website at
www.porsche-se.com/ pho/ de/ investorrelations.
Corporate statutes of
Porsche Automobil Holding SE
The main legal basis for the corporate stat-
utes of Porsche SE is formed by the European SE
provisions and the German SE Implementation Act
(SEAG) as well as the German Stock Corporation
Act (AktG). The differences this leads to compared
to the statutes of a stock corporation mainly per-
tain to the formation and composition of the super-
visory board. The dual management system with a
strict separation of executive board and supervisory
board, the principle of parity co-determination in the
supervisory board, as well as the co-administration
and control rights of the shareholders in the annual
general meeting are also core elements of the
company statutes of Porsche SE.
Corporate management by the executive board
The executive board has sole responsibility
for the management of Porsche SE and the Porsche
group and represents the company in transactions
with third parties. Its main tasks pertain to the strat-
egy and management of the Porsche group as well as
the implementation and monitoring of an efficient risk
management system. The activity of the executive
board is regulated in more detail in rules of procedure
issued by the supervisory board.
The executive board informs the supervisory
board regularly, without delay and comprehensively
about the planning, business development and the
risk management of the company and consults with
the supervisory board on the strategy of the Porsche
group. Certain transactions stipulated in the articles
of association of Porsche SE and the executive
board’s rules of procedure may only be carried out by
the executive board subject to the prior approval of
the supervisory board. These include, among others,
the acquisition and sale of companies of a certain
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